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North America Solid Oxide Fuel Cells Market Analysis

Report ID: GMI8942
Published Date: Apr 2024
Report Format: PDF

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North America Solid Oxide Fuel Cells Market Analysis

North America Solid Oxide Fuel Cell Market, By Type, 2022-2032 (USD Million)

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The U.S. solid oxide fuel cells market is anticipated to surpass USD 550 Million by 2032. Growing interest in decentralized energy systems and grid resilience, will augment the deployment in microgrid and off-grid applications which will propel the demand for SOFC technologies. Additionally, The U.S. government, through agencies like the Department of Energy (DOE) and its Advanced Research Projects Agency-Energy (ARPA-E), has provided funding and support for SOFC research, development, and demonstration projects, which will foster the overall business scenario.

North America Solid Oxide Fuel Cell Market Share, By Application, 2023

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Based on application the North America solid oxide fuel cells market is segmented into stationary, portable, transport and others. The stationary segment is projected to register at a CAGR of more than 4% in the coming years, driven by the ability to simultaneously produce electricity and utilize waste heat for heating or cooling purposes, increasing their utilization across CHP. They further facilitate decentralized energy generation by providing on-site power generation capabilities at or near the point of use, offering advantages including increased energy security, grid resiliency, and reduced transmission losses, particularly in areas with unreliable or inadequate grid infrastructure.

Additionally, solid-state design and absence of moving parts contribute to their robustness and minimal maintenance requirements, making them suitable for continuous and uninterrupted operation in stationary settings.

U.S. Solid Oxide Fuel Cell Market Size, By End Use, 2022-2032 (USD Million)

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The U.S. solid oxide fuel cells market is anticipated to surpass USD 550 Million by 2032. Growing interest in decentralized energy systems and grid resilience, will augment the deployment in microgrid and off-grid applications which will propel the demand for SOFC technologies. Additionally, The U.S. government, through agencies like the Department of Energy (DOE) and its Advanced Research Projects Agency-Energy (ARPA-E), has provided funding and support for SOFC research, development, and demonstration projects, which will foster the overall business scenario.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size for solid oxide fuel cells in North America reached USD 373.2 billion in 2023 and is set to witness 6.6% CAGR from 2024 to 2032, owing to growing concerns about climate change and air pollution and increasing demand for cleaner and more sustainable energy technologies in the region.

The tubular segment is expected to exceed USD 255 million by 2032, due to its high electrical efficiency, modularity and scalability, allowing for flexible deployment in various applications and settings.

U.S. solid oxide fuel cells industry is expected to cross USD 550 million by 2032, attributed to growing interest in decentralized energy systems and grid resilience in the country.

Panasonic Corporation, Doosan Fuel Cell Co., Ltd., AISIN CORPORATION, Ceres, SFC Energy AG, TOSHIBA CORPORATION, Robert Bosch GmbH, TW Horizon Fuel Cell Technologies, AFC Energy PLC, and Fuel Cell Energy, Inc., are some of the major gas fired boiler companies in Europe.